Joe Rubin & Richard Shuster Purchase Multifamily Property In Jacksonville For $31.75M
SOLD
$31,750,000
Florida
See Similar DealsMultiFamily565,154 SF
Sold 03/01/2024
SOLD
Joe Rubin & Richard Shuster Purchase Multifamily Property In Jacksonville For $31.75M
1601 Dunn Avenue & 5928 Firestone Road
See Similar DealsMultiFamily565,154 SF
Sold 03/01/2024
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$56
Total Square Footage:565,154 SF
Transaction Type:Sale
The multifamily property located at 1601 Dunn Avenue and 5928 Firestone Road in Jacksonville was sold for $31,750,000. This property spans 282,577 square feet and consists of 328 units, resulting in a price per unit of $96,799 and a price per square foot of $112.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $31,750,000
- Units: 328
- Square Footage: 282,577
- Price per Unit: $96,799
- Price per Square Foot: $112
- Address: 1601 Dunn Avenue & 5928 Firestone Road, Jacksonville
- Market: Jacksonville
- Buyer: Joe Rubin & Richard Shuster - Southeast Property Group
- Seller: Capital Property Partners
- Brokers: Daniel Rahmani & Rubens Jourdan - Capital Property Partners
The buyer, Joe Rubin, and Richard Shuster of Southeast Property Group acquired the property from Capital Property Partners at the specified all-in price. The deal was facilitated by the brokers Daniel Rahmani and Rubens Jourdan from the selling entity, Capital Property Partners.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$112,801.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$150,511.20
Annual Debt Service$1,806,134.38
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